MGT 4013

Public importance

(1) things that are considered important to large numbers of otherwise unrelated people, (2) things that are of civic importance, as opposed to private or corporate entities.

New entrant business

A firm whose product or service is established elsewhere, but is new to this market.

Pioneering business

A firm whose product or service is new to the industry or is itself creating a new industry.

Sales promotion

A form of communication that encourages the customer to act immediately, such as coupons, sales, or contests.

Word-of-mouth

A means of spreading information about your business through the comments friends and customers make to other potential customers.

Mat release

A news release that is typeset and thus may be photographically reproduced for inclusion in a newspaper.

Press relations

Activities used to establish and promote a favorable opinion by the media.

Public relations

Activities used to establish and promote favorable opinion by the public.

Power

A concept in public importance which alludes to potential shifts in control or influence.

Currency

A concept in public importance which alludes to the degree to which the issue is immediate in its impact.

Cultural resonance

A concept in public interest in which alludes to events with a broad appeal within the market or population.

Trendiness

A concept in public recognition which alludes to the impact level of the issue being discussed.

Public recognition

Being recognized or acknowledged by large numbers of people, similar to "fame".

Human interest

A concept in public interest which alludes to a character to whom the public can relate.

Good story

A concept in public interest which alludes to an incident with good triumphing.

Visuals

A concept in public interest which alludes to the graphic interest held by an event.

Issue recognition

A concept in public recognition which alludes to the extent to which the public is familiar with the issue or problem at hand.

Elevator pitch

A 30 second (100 words or less) action-oriented description of a business designed to sell the idea of the business to another.

Cover letter

A one-page document on business stationary that introduces the business plan and the business owner to the recipient and indicates why the recipient is being asked to read the plan.

Executive summary

A one-to-two page (250-500 words) overview of the business, business model, market, expectations, and immediate goals. It is typically put at the start of the business plan and is the most popular summary form for a business plan.

Mission statement

A paragraph that describes the firm's goals and competitive advantages.

Proprietary technology

A product or service or an aspect of one that is kept as a trade secret or is protected legally using patent, copyright, trademark, or service mark.

Diversification

A strategy whose goal is growth, based on adding new products or services to the firm's existing collections of offerings.

Product expansion

A strategy whose goal is growth, based on selling existing customers a product or service they have never bought before.

Market expansion

A strategy whose goal is growth, based on selling in areas or to groups previously not served by the business.

Market penetration

A strategy whose goal is growth, based on selling more of the firm's product or service to the existing customer base.

Customer vector

A type of CRM report which segments by customer (or customer group) on purchases or dates of purchase.

Press kit

A type of sales kit sent to media outlets which is focused around a press release.

Vision statement

A very simple 5-10 word sentence or tagline that expresses the fundamental idea or goal of the firm

Press release

A written announcement intended to draw news media attention to a specific event.

Viral marketing

Any electronic equivalent of word-of-mouth advertising, in which the advertiser's message spreads quickly and widely via e-mail, websites, blogs, and other online tools.

Cognitive dissonance

Doubt that occurs after a purchase has been made. An inconsistency between experience and belief.

Informational plans

Give potential customers or suppliers information about the company and its product or service.

Screening plan

Gives the basic overview of the firm and a detailed look at the financials.

Publicity

Information about your company and its activities that is disseminated to the public in order to going their good opinion.

Preselling

Involves introducing your product to potential customers and taking orders for later delivery.

Free ink

Mentions of your company or products in the media for which your firm did not pay.

Sponsorship

Paying for a local organization;s needs in exchange for recognition.

Sales leads

People who receive a promotional impression and who give some thought to buying the product.

Predetermined market segments

Professionally compiled target audiences based on shared demographics, financial, shopping, and psychographic characteristics.

Prospects

Sales leads who actually make some sort of effort to learn more about the product, service, or business in anticipation of a possible purchase.

Test marketing

Selling your product or service in a limited area, for a limited time.

Value proposition

Small business owners' unique selling points that will be used to differentiate their products and/or services from those of the competition.

Search engine optimization

Techniques applied to web pages in order to obtain favorable placement on Internet search page results.

Customer retention

Techniques that focus on efforts to promote satisfaction with and interest in the firm.

Keyword and description tags

Terms included in the hidden portion of a web page (called the document head) which re used by search engines to describe your website and evaluate its focus and category placement.

External legitimacy

The extent to which a small business is taken for granted, accepted, or treated as viable by organizations or people outside the small business or the owner's family.

Research and development

The part of a business (and a business plan) that is focused on creating new products or services and preparing new technologies, ideas, products, ore services for the firm's market.

Segmentation

The process of dividing the market into smaller portions of people who have common characteristics.

Customer relationship management (CRM)

The process of tracking the customer's different contacts with the firm, and using this data to help improve sales as well as the customer's experience.

Marketing Funnel

The rule of thumb in marketing is that it takes a large number of people to be made aware of your product in order to find a purchaser.

Target market

The segment to segments selected for concentrating marketing efforts.

Domain name

The specific name of a Internet site, consisting of a name followed by .com, .net, or a similar code.

Newsworthy events

To garner serious attention from the media and the public, a news story needs to deliver certain essentials that will hold their attention and keep your news in their thoughts, It should have public recognition, importance, and interest.

Impression

What it is called when someone notices a promotional effort.

Succinct message

Your key points in as few and as memorable words as possible.

Public interest

(1) things that are generally considered to be beneficial to large numbers of people, (2) civic causes and benefits, as opposed to private and corporate benefits.

Promotional mix

How much of each message conveyance you will use to sell your product as well as your objective in using each one.

Internal understanding

The extent to which employees, investors, and family members involved in the business know the business's purposes and operations.

Business plan

A document designed to detail the major characteristics of a firm.